Toyota Motor will take forklift-maker Toyota Industries private in a $33 billion deal, the companies said on Tuesday, a landmark unwinding of cross-shareholding that is likely to strengthen the influence of the group's founding Toyoda family.

Toyota Industries Corp. said it received a $33 billion offer to take the company private in a move that could lead to the founding family strengthening its grip over Japan’s biggest business empire. The deal will involve a tender offer for the shares of the supplier of textile looms,

Toyota Industries is set to decide Tuesday whether to accept a potential $42 billion buyout offer from Toyota Motor and other group affiliates, following reports suggesting the industrial firm may go private.